Volkswagen declares multi-billion dollar investment in Brazil

Rio de Janeiro, Nov :German automaker Volkswagen declared by 2020, they invest $2.18 billion in Brazil, and to prepare the ground for an expected rise and to cover the production of a new family of cars in sales across Latin America.

Volkswagen’s head for South America David Powels said the new family of vehicles would be made up of four cars. Furthermore, the investment will cover an overhaul of production at the company’s two factories in Brazil, Xinhua news agency reported.

The German automaker currently holds around 12 per cent of the Brazilian automotive market.

Volkswagen announced it intended to use its factories in both countries to boost its presence across regional markets by 3-4 per cent.

This investment will come as a major boost for the recession-hit Brazilian automotive industry. In October, sales were down 22.3 per cent from 2015.

However, Powels said that he hoped stability would return in 2017 “as there is no possibility for it to get worse this year”.

wefornews.com is a new concept of website. Our motto is to produce news with difference. We give our readers/viewers an opportunity to watch and read the news (International, National, Regional, Entertainment, Sports and all aspect of news).

That’s why our aim is to become nation’s most trusted media. We provide latest visuals/bytes and photographs on each and every story, apart from this our motto is to fulfil the grievances of the people.